Smart Manufacturing Market Size is projected to reach USD 727 Billion by 2030, growing at a CAGR of 12%: Straits Research

The global smart manufacturing market size is expected to reach a valuation of USD 727 billion by 2030 growing at a CAGR of 12% during the forecast period (2022–2030). Asia-Pacific is expected to be the largest smart manufacturing market.

New York, United States, July 12, 2022 (GLOBE NEWSWIRE) -- Smart manufacturing (SM) is a technology-driven strategy that uses Internet-connected equipment to monitor manufacturing. SM aims to find ways to enhance manufacturing performance through data analytics and automate operations. The Industrial Internet of Things (IIoT) has a particular SM application. Sensors are adopted in production equipment to gather information on their operating state and performance during implementations. In the past, that data was stored in local databases on individual devices and was only used to determine the reason for equipment failures after they occurred.

As smart manufacturing becomes more prevalent and more machines are connected via the Internet of Things, they will be better able to communicate, potentially allowing for increased automation.

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Government Support and Developments in Connectivity Technologies (5G) to Drive the Smart Manufacturing Market
Smart manufacturing technologies have enormous potential, which governments recognize worldwide. As a result, they encourage and fund R&D for technologies such as IIoT and industrial 3D printing. Various governments are funding IIoT research because they see themselves as potential technology users. To build and operate smart cities in the future, they invest in new IoT implementation and research projects.
The introduction of new applications for 3D printing has attracted the curiosity of businesses and governments worldwide. Governments around Asia-Pacific are continually developing initiatives and strategies to digitalize manufacturing plants.
For example, in May 2020, the Indian government invested approximately USD 265 million in an "Economic Package." The money was used to start firms in various industries, including agriculture, manufacturing, and healthcare. As a result of this investment, several MSMEs and startups are anticipated to deploy automation software in their manufacturing units, enhancing their productivity and business. As a result, government initiatives to adopt smart manufacturing are expected to drive the market throughout the forecast period.
The existing IoT-based smart industrial applications are anticipated to change as the 5G era unfolds. In terms of latency, security, scalability, dependability, and the level of individual control over connectivity parameters, 5G has the ability to alter the way future IoT ecosystems are developed. As the spectrum of IoT application domains develops, more complicated use cases requiring more network capabilities emerge. Such features include support for integrated sensors, more precise device positioning, and high-speed device movement.
5G has the potential to give gigabit-per-second speeds, millisecond latency, and the ability to handle 1,000 times more data than current network technologies. As a result, developments in connectivity technologies such as 5G are a key driver of global market growth. Furthermore, the launch of 5G access radio networks is expected to impact the market significantly.
For example, according to Huawei Technologies, 5G wireless technology has the potential to boost global manufacturing GDP by USD 740 billion, or 4%, by 2030. Given the dynamics above, manufacturing, robotics, and other industries may be able to buck the trend by cooperating with the telecommunications sector to promote smart manufacturing technology adoption.

Rapid Industrialization in Developing Economies to Create Growth Opportunities
Companies from developed economies are eager to expand their operations in emerging economies due to lower real estate prices and labor costs. Similarly, increased industrialization in emerging economies like Africa, Mexico, Brazil, India, China, and Indonesia has resulted in considerable infrastructural expenditures, tempting global corporations to establish manufacturing operations in these regions. Due to these improvements, novel and complicated warehouse facilities are required to connect and manage supply chains. 
Thus, during the forecast period, the rising industrialization of emerging economies worldwide will likely provide good growth possibilities for prominent players in the market.

Report Scope

Report MetricDetails
  Market SizeUSD 727 Billion by 2030
  CAGR12% (2022-2030)
  Historical Data2019-2020
  Base Year2021
  Forecast Period2021-2030
  Forecast UnitsValue (USD Billion)
  Report CoverageRevenue Forecast, Competitive Landscape, Growth Factors, Environment & Regulatory Landscape and Trends
  Segments CoveredComponent, Technology, End-User and Region
  Geographies CoveredNorth America, Europe, Asia-Pacific, LAME and Rest of the World
  Key Companies Profiled/VendorsSiemens AG, General Electric, Rockwell Automation, Schneider Electric,
Honeywell International Inc., Emerson Electric
  Key Market OpportunitiesRapid Industrialization in Developing Economies
  Key Market DriversGovernment Support to Smart Manufacturing

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Impact of COVID-19
COVID-19 had a significant impact on the global economy and all enterprises worldwide. Governments throughout the world implemented lockdowns to prevent the pandemic from spreading. During the initial phases of the outbreak, the total global lockdown significantly impacted people's livelihoods and quality of life in various countries. As a result, there were supply chain disruptions all around the world. A significant decline in product demand has affected the world's economies.
The pandemic slowed manufacturing across the board, resulting in a scarcity of primary resources. Supply chain disruptions and a drop in exports were the primary causes of the reduction in production. During this period, businesses' primary goal was to stay afloat, and intelligent manufacturing played a crucial role in assisting companies in operating efficiently with limited resources and people.
For the global smart manufacturing market, the post-pandemic period will be significant. Supply chain interruptions might hamper recovery, affecting market dynamics and product prices. The global market will also be challenged by distribution and transportation capacity constraints, adverse financial conditions, and rising costs. Limited manufacturing, support operations, labor shortages, and limits for other end-user industries, suppliers, and vendors may also prevent consumers from getting what they want. Overall, the global smart manufacturing market's recovery will be challenging.

Regional Insights
North America, Europe, Asia-Pacific, Latin America, and the Middle East and Africa make up the market's five regions. The Asia-Pacific and North America are the two most important markets for smart manufacturing. China and India dominate the Asian market. Industry 4.0, artificial intelligence (AI), augmented reality, the Internet of Things (IoT), and other disruptive technologies drive cloud use in the region. Cloud-based innovative manufacturing solutions are anticipated to become more common as a result. As a result, cloud-based smart manufacturing solutions are becoming increasingly popular, regional driving growth.
North America is expected to be the second-largest smart manufacturing market, with an expected market value of USD 180 billion by 2030. The United States and Canada are increasing their investments in new industrial technologies. Technological developments, the availability of substitute printing materials, and lower equipment prices have hastened the adoption of the smart manufacturing concept.
Business digitalization across Latin America, the Middle East, and Africa have far-reaching ramifications for regional economies, education, and employment, among other things. The Gulf Cooperation Council (GCC) countries are paving the path for regional technological adoption and digital transformation. For example, Saudi Arabia's 2030 Strategy and National Transformation Program (NTP) 2020 places a high priority on digital transformation to generate private-sector jobs and embrace partnerships. Such a fast-rising economy will likely provide unparalleled market potential during the forecast period.

Key Highlights

  • The global smart manufacturing market was valued at USD 259 billion in 2021 and is anticipated to register a CAGR of 12% by 2030.
  • By component, the software component segment is expected to reach USD 388 billion by 2030.
  • By technology, the DCS technology segment is expected to reach USD 116 billion by 2030.
  • By end-use, the automotive end-user segment is expected to reach USD 200 billion by 2030.
  • Geographically, the global smart manufacturing market is divided into North America, Europe, Asia-Pacific, Latin America, and the Middle East and Africa. Asia-Pacific and North America were the two significant regional markets in 2021. 

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Competitive Players in the Global Smart Manufacturing Market

  • Siemens AG
  • General Electric
  • Rockwell Automation
  • Schneider Electric
  • Honeywell International Inc.
  • Emerson Electric
  • Fanuc
  • Robert Bosch GmbH
  • Mitsubishi Electric Corporation
  • ABB
  • HP Development Company

Global Smart Manufacturing Market: Segmentation

By Component

  • Hardware
  • Software
  • Services

By Technology

  • Machine Execution Systems (MES)
  • Programmable Logic Controller (PLC)
  • Enterprise Resource Planning (ERP)
  • Discrete Control Systems (DCS)
  • Machine Vision
  • 3D Printing
  • Plant Lifecycle Management
  • Plant Asset Management

By End-Use

  • Automotive
  • Aerospace & Defense
  • Chemicals & Materials
  • Healthcare
  • Industrial Equipment
  • Electronics
  • Food & Agriculture
  • Oil & Gas
  • Others

By Region

  • North America
  • Europe
  • Asia-Pacific
  • Latin America
  • The Middle East and Africa 


1          Introduction

1.1      Market Definition

1.2      Market Scope

2          Research Methodology

2.1      Primary Research

2.2      Research Methodology

2.3      Assumptions & Exclusions

2.4      Secondary Data Sources

3          Executive Summary

4          Market Overview

4.1      Report Segmentation & Scope

4.2      Value Chain Analysis: Smart Manufacturing Market

4.2.1  Vendor Matrix

4.3      Key Market Trends

4.3.1  Drivers

4.3.2  Restraints

4.3.3  Opportunities

4.4      Porter’s Five Forces Analysis

4.4.1  Bargaining Power of Suppliers

4.4.2  Bargaining Power of Buyers

4.4.3  Threat of Substitution

4.4.4  Threat of New Entrants

4.4.5  Competitive Rivalry

4.5      Environment & Regulatory Landscape

4.6      Forecast Factors & Relevance of Impact

4.7      Macro-Economic & Geopolitical Scenario

4.8      Parent Market Overview

4.9      Technology Landscape

4.10   Market Share Analysis

4.11   Potential Venture Analysis

4.12   Regional Price Trends

4.13   Raw Material Trends

4.14   Cost Structure Analysis

4.14.1 Labor Cost

4.14.2 Consumables

4.14.3 Maintenance Cost

4.15   Covid-19 Impact Analysis:

4.15.1 Pre and Post Covid-19 Market Scenario Analysis

4.15.2 Market Recovery Timeline and Challenge

4.15.3 Measures Taken by Top Players

4.15.4 Quarterly Market Revenue and Growth Forecast till 2021        North America        Europe        Asia-Pacific        Central and South America and the Caribbean        The Middle East and Africa

5               Component Overview

5.1      Introduction

5.1.1  Market Size & Forecast (Value & Volume)

5.2      Hardware

5.2.1  Market Size & Forecast (Value & Volume)

5.3      Software

5.3.1  Market Size & Forecast (Value & Volume)

5.4      Services

5.4.1  Market Size & Forecast (Value & Volume)

6               Technology Overview

6.1      Introduction

6.1.1  Market Size & Forecast (Value & Volume)

6.2      Machine Execution Systems (MES)

6.2.1  Market Size & Forecast (Value & Volume)

6.3      Programmable Logic Controller (PLC)

6.3.1  Market Size & Forecast (Value & Volume)

6.4      Enterprise Resource Planning (ERP)

6.4.1  Market Size & Forecast (Value & Volume)

6.5      SCADA

6.5.1  Market Size & Forecast (Value & Volume)

6.6      Discrete Control Systems (DCS)

6.6.1  Market Size & Forecast (Value & Volume)

6.7      Machine Vision

6.7.1  Market Size & Forecast (Value & Volume)

6.8      3D Printing

6.8.1  Market Size & Forecast (Value & Volume)

6.9      Plant Lifecycle Management

6.9.1  Market Size & Forecast (Value & Volume)

6.10   Plant Asset Management

6.10.1 Market Size & Forecast (Value & Volume)

7               End User Overview

7.1      Introduction

7.1.1  Market Size & Forecast (Value & Volume)

7.2      Automotive

7.2.1  Market Size & Forecast (Value & Volume)

7.3      Aerospace & Defense

7.3.1  Market Size & Forecast (Value & Volume)

7.4      Chemicals & Materials

7.4.1  Market Size & Forecast (Value & Volume)

7.5      Healthcare

7.5.1  Market Size & Forecast (Value & Volume)

7.6      Industrial Equipment

7.6.1  Market Size & Forecast (Value & Volume)

7.7      Electronics

7.7.1  Market Size & Forecast (Value & Volume)

7.8      Food & Agriculture

7.8.1  Market Size & Forecast (Value & Volume)

7.9      Oil & Gas

7.9.1  Market Size & Forecast (Value & Volume)

8             Regional Overview

8.1      Introduction

8.1.1  Market Size & Forecast (Value & Volume)

8.2      North America

8.2.1  Economic Overview

8.2.2  Market Scenario

8.2.3  U.S.

8.2.4  Canada

8.2.5  Mexico

8.3      Central and South America and the Caribbean

8.3.1  Economic Overview

8.3.2  Market Scenario

8.3.3  Brazil

8.3.4  Argentina

8.3.5  Colombia

8.3.6  Rest of Central and South America and the Caribbean

8.4      Europe

8.4.1  Economic Overview

8.4.2  Market Scenario

8.4.3  Germany

8.4.4  France

8.4.5  The U.K.

8.4.6  Italy

8.4.7  The Rest Of Europe

8.5      Asia-Pacific (APAC)

8.5.1  Economic Overview

8.5.2  Market Scenario

8.5.3  China

8.5.4  Japan

8.5.5  India

8.5.6  Australia

8.5.7  South Korea

8.5.8  Rest Of APAC

8.6      Middle East

8.6.1  Economic Overview

8.6.2  Market Scenario

8.6.3  South Arabia

8.6.4  The UAE

8.6.5  Qatar

8.6.6  Oman

8.6.7  Turkey

8.6.8  The Rest Of Middle East

8.7      Africa

8.7.1  Economic Overview

8.7.2  Market Scenario

8.7.3  Nigeria

8.7.4  South Africa

8.7.5  The Rest Of Africa

9          Competitive Landscape — Manufacturers & Suppliers

9.1      Competition Dashboard

9.2      Industry Structure

9.3      Siemens AG

9.3.1  Business Overview

9.3.2  Financial Performance

9.3.3  Recent Developments

9.3.4  Portfolio

9.4      General Electric

9.5      Rockwell Automation

9.6      Schneider Electric

9.7      Honeywell International Inc.

9.8      Emerson Electric

9.9      Fanuc

9.10   Robert Bosch GmbH

9.11   Mitsubishi Electric Corporation

9.12   ABB

9.13   HP Development Company

10       Conclusion & Recommendation

11       Acronyms & Abbreviations

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Market News

  • In September 2021, Honeywell International, Inc. created the 'Smart Flexible Depalletizer,' a robotic device that reduces labor-intensive work. This technology enhances warehouse productivity while lowering worker injuries.
  • In March 2021, Connectix was a new line of intuitive software products and expert services from General Electric. The service is intended for use in smart manufacturing. The services enable manufacturers to use data analytics to improve energy efficiency, make faster choices, and improve day-to-day operations.
  • In February 2021, ABB developed a cobot portfolio in the GoFa and SWIFTI cobot families. These cobots will complement YuMi and Single Arm YuMi in ABB's cobot portfolio, increasing payload capacity and faster robot mobility.
  • In January 2021, Rockwell Automation, Inc. released the QuickStick HT, an improved intelligent conveyor system. The innovative QuickStick HT 5700 inverter has been installed in the newly introduced conveyor system. The revised plan has improved functional safety while reducing plant floor space and controlling cabinet size.
  • In May 2021- MELFA ASSISTA is a robot family developed by Mitsubishi Electric Corporation. MELFA ASSISTA works with people to perform safety functions such as collision avoidance. The robot also complies with international safety standards and regulations such as ISO 10218-1 and ISO / TS15066. MELFA ASSISTA and RT VisualBox are being used by businesses to improve efficiency.

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